Through this transaction the company diversifies its short-term funding sources
The Mercado Alternativo de Renta Fija (MARF) has registered a Commercial Paper Programme by Grupo Pikolin with a maximum outstanding amount of €50 million, which will allow the company to issue paper over the next 12 months as well as raising short-term funding.
The maturities of the CPs issued under the Programme will range between 3 days and 2 years and the individual nominal amount of the securities is €100,000.
With this new issue Pikolin continues the diversification process of its funding sources which it started in 2015 with 7-year and 10-year bond issues with a combined value of €30 million.
Bankia, Beka Finance and Renta Markets collaborate as Dealers for the Commercial Paper Programme. PKF Attest has coordinated the design of the programme and is acting as Registered Adviser on MARF, while J&A Garrigues has provided the company with legal advice. Axesor has granted Pikolin Group a BB rating with stable outlook.
Pikolin posted sales of €392 million in 2015, up 11% from a year earlier, and employs over 2,300 people. The Group has developed a significant manufacturing capacity and operates 10 factories: two in Southeast Asia (Vietnam and China), five in France and three in Spain. Its ambitious expansion plan and the diversification it has carried out over the last few years allow the Pikolin Group to have a presence in the three segments of the market in rest-related products: domestic, hotel and health, positioning the Group as the market leader in Spain and France.
The company is expected to move in 2017 its current facilities in Zaragoza to a new factory in the same city and close to a logistics complex built in 2011.